A Delhi court on May 12 dismissed the bail pleas filed by Chitra Ramakrishna and Anand Subramanian in the National Stock Exchange's (NSE) co-location scam case.
Ramakrishna is the former managing director and chief executive officer of NSE, while Subramanian is the former group operating officer and adviser to the MD.
The bail pleas were dismissed, as the Central Bureau of Investigation, which had arrested the two, opposed relief and said the probe was at a critical stage, with witnesses being examined.
The two accused, holding influential positions ran the risk of tampering with the evidence and must be kept in custody. The enlargement of the accused on bail could have an adverse impact on the investigation, the CBI argue.
A detailed order from the Special CBI Judge Sanjeev Aggarwal is awaited. The order on the pleas was reserved on April 28 and pronouncement deferred on May 10.
Ramakrishna and Subramanian were arrested by the CBI in the co-location scam for alleged improper and illegal dissemination of sensitive data from the servers of the NSE to certain brokers.
The co-location facility of the NSE was misused by certain persons to facilitate unlawful gains to select brokers, it has been alleged. The CBI is also probing the larger conspiracy and the roles played by various accused persons.
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